Published on 12/24/2019 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.99 million callable contingent coupon notes on indexes
By Devika Patel
Knoxville, Tenn., Dec. 24 – Citigroup Global Markets Holdings Inc. priced $2.99 million of callable contingent coupon equity-linked securities due Dec. 8, 2022 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 6.75% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
Beginning in June 2020 and ending in September 2022, the notes are callable at par plus any coupon on any interest payment date.
The payout at maturity will be par unless any index finishes below its 50% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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| Amount: | $2,989,000
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| Maturity: | Dec. 8, 2022
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| Coupon: | 6.75%, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below trigger level, in which case 1% loss for each 1% decline of least-performing index from initial level
|
| Call: | At par plus any coupon on any interest payment date from June 2020 to September 2022
|
| Initial levels: | 3,648.13 for Stoxx, 1,614.833 for Russell 2000 and 3,117.43 for S&P 500
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| Coupon barrier levels: | 2,553.691 for Stoxx, 1,130.383 for Russell 2000 and 2,182.201 for S&P 500; 70% of initial levels
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| Barrier levels: | 1,824.065 for Stoxx, 807.417 for Russell 2000 and 1,558.715 for S&P 500; 50% of initial levels
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| Pricing date: | Dec. 5
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| Settlement date: | Dec. 10
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17327T6V3
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